The Prescription for Financial Wellness: Finding the Right Dose for Millennials and Gen Z

June 17/18/19, 2019

Hosted by: Charles Schwab Retirement Services

Employees facing financial stress are less productive and more often absent from the workforce. For this reason, employers are genuinely interested in the financial wellness of their employees. Many seek to help employees early in their career to realize the greatest chances of success long-term.

The focus at the 2019 Annual Planning Meeting is on Financial Wellness programs well suited to workforce entrants up to age 35: Millennials and Gen Z. Workforce entrants struggle with the fundamentals: budgeting expenses, containing credit card debt, reimbursing student loans, and deciding how much to save for retirement. Utilization and adherence are key drivers of success in this population.

What is the range of programs available to address the needs of this segment?

How will we instill among workforce entrants an instinct and desire to seek out information to support sound financial decision-making?

What level of utilization and adherence is achievable?

What business benefits can be reaped from encouraging workforce entrants to save now instead of later?

How will we convince employers of the need to implement a financial wellness program for a segment with decades to save for retirement?

Employers’ quest to set a new generation of workforce entrants on the road toward financial wellness leads advisors into unchartered territory. Council members find themselves in the exciting position to introduce trend-setting clients to leading-edge programs that may still be in trial period. Information about products in development is not readily available to the masses. The Financial Wellness fair will give you a unique opportunity to meet individually with the myriad of service providers to learn about the latest innovations and demonstrated successes. Exhibitors represent a wide range of sources: advisory firms, retirement plan service providers, investment managers, and dedicated third-party service providers with deep Financial Wellness expertise.

Key priority is to encourage plan sponsors to adopt solutions appropriate for their situation, to drive growing numbers of young participants to utilize the tools made available to them, and to lead users to stick with the prescribed regimen.

Monday, June 17

10:30 a.m.

Reality Store by Charles Schwab FoundationBoys & Girls Club Denver Live, interactive experience helps students understand how the choices they make about career and money can have a dramatic impact on their future.

At this session, we will discuss how shifting demographics. Technological innovation, and new employee expectations are shaping the workplace of the future and Wellness Benefits in particular. This presentation is based on the work of Dr. Joseph Coughlin, Director of the MIT AgeLab.